Providence, RI (October 14, 2009) – The National Association of Realtors' (NAR) has been actively seeking support in congress to extend and possible expand the First Time Home Buyer Tax Credit, which expires on December 1, 2009. To obtain the credit, one must currently take possession of the home by November 30.  The NAR film contest for the best story on the $8,000 First Time Home Buyer Tax Credit was created to raise awareness among the congressional delegations about the importance the credit is to the real estate economy. There is thinking the withdrawal of the credit at this time will dampen the resurgence in the market as the end of “Cash for Clunkers” did to the auto industry. The contest, which accepts entries up to 16 October 2009, is a way to get the Realtor nation to act in support of extending the deadline and possibly expanding the credit.

Residential Properties, Ltd. has entered a film into the contest.  Working with a local first time home buyer, Andrea Larocque, and agent Kathy Vaillancourt of the Narragansett office, Residential's team developed the concept for the video, filmed, and edited the product in-house. Ms. Larocque is a single mom who bought a foreclosed home in Tiverton, RI. The home needed massive repairs including a new roof, all appliances, mold mitigation, and the replacement of all the floors. The last item was a nasty surprise after the carpet was removed. She was able to use the credit to keep from incurring more debt to make these necessary repairs. Andy also received physical labor help from family and friends in the community.

Andrea's story is inspiring. She worked her way through school to become a radiology technician and struggled to get herself out of debt from her earlier full time college days. She had spent the last years looking for a home where she could raise her son, Isaiah. Most of the properties were out of her price range. However, with the downturn in the real estate market more properties came into her affordability zone. Buying a foreclosed property enabled her to buy a home she could afford, but, since not all of the defects were initially apparent, she was faced with mounting bills. The tax credit solved that problem.

Residential Properties Ltd. decided to film the video, a two-minute clip per the rules of the contest, in support of NAR’s effort to bring awareness on tax policies.

All the video entries are available for viewing on YouTube. Residential's entry is seen at the URL http://www.youtube.com/watch?v=w5ckAxYRg5o.

About Residential Properties Ltd.

Residential Properties Ltd. has been serving sellers and buyers of distinctive properties since 1981 through service, innovation and sheer hard work.  The Company has five offices located in Barrington, Cumberland, East Greenwich, Narragansett and Providence and services all of Rhode Island, the Connecticut shoreline and southeastern and central Massachusetts.  Their award winning relocation department services buyers and sellers throughout the country.